"Continued strong performance in the fourth quarter capped off a transformative year for Great Panther", stated Robert Archer, President & CEO. "We delivered new annual records for silver, gold, and total metal production and beat our already upwardly revised guidance by about 300,000 Ag eq oz. The ongoing ramp up in production at San Ignacio, with higher gold grades, was the major factor in this year-over-year increase. In addition, Topia exceeded one million Ag eq oz for the first time. Operational efficiencies and grade control improved significantly and I would like to congratulate our entire team for a banner year. The increase in production at higher grades allowed us to lower our costs substantially such that Great Panther is well-positioned to withstand this period of depressed metal prices and take advantage of future price rises."

Consolidated Operations Summary

Q4 2015

Q4 2014

Change

FY 2015

FY 2014

Change

Ore processed (tonnes milled)

94,874

92,574

2%

375,332

335,199

12%

Silver equivalent ounce production1, 2

1,002,584

911,048

10%

4,159,121

3,187,832

30%

Silver ounce production

553,189

550,010

1%

2,386,028

1,906,645

25%

Gold ounce production

5,637

4,822

17%

21,740

16,461

32%

Lead production (tonnes)

278

285

-2%

1,198

1,154

4%

Zinc production (tonnes)

425

406

4%

1,850

1,675

10%

(1)

Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to price/pound of lead and zinc.

(2)

Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz, US$1,110 per oz (60:1 ratio), US$0.90 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates produced.

Guanajuato Mine Complex

Total metal production at the GMC during the fourth quarter of 2015 increased by 11%, to 751,927 Ag eq oz, compared to Q4 2014. When compared to the previous full year, the GMC increased total metal production by 40% to 3,081,258 Ag eq oz, reflecting the ongoing ramp up at San Ignacio. In addition, the continued increase in throughput, coupled with the higher gold grades at San Ignacio, resulted in a 33% increase in gold production for the year to 21,126 Au oz.

GMC Operations Summary

Q4 2015

Q4 2014

Change

FY 2015

FY 2014

Change

Ore processed (tonnes milled)

79,651

76,839

4%

309,944

267,812

16%

Silver equivalent ounce production 1, 2

751,927

677,316

11%

3,081,258

2,193,403

40%

Silver ounce production

394,655

396,284

0%

1,708,061

1,239,009

38%

Gold ounce production

5,496

4,684

17%

21,126

15,906

33%

Ag grade (g/t)

175

178

-2%

192

161

20%

Au grade (g/t)

2.39

2.07

16%

2.35

2.03

15%

Ag recovery (%)

87.9%

90.1%

-2%

89.2%

89.5%

0%

Au recovery (%)

89.7%

91.8%

-2%

90.2%

90.8%

-1%

(1)

Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio.

(2)

Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz of silver and US$1,110 per oz of gold (60:1 ratio) and applied to the recovered metal content of the concentrates produced.

San Ignacio generated 52% of the overall metal production at the GMC in Q4 2015, and 50% of the total ore processed, compared to 20% and 24% in the fourth quarter of 2014, respectively. The increase at San Ignacio was achieved through expanding production from the wider South Extension zones, which also contributed higher gold grades.

In the fourth quarter 2015, 2,174 metres of surface drilling were completed on the southern extension of the ore zones at San Ignacio with the objective of upgrading the existing mineral resource and guiding continued development.

Topia Mine

Total metal production in the fourth quarter of 2015 at Topia was 250,657 Ag eq oz, reflecting an increase of 7% compared to the fourth quarter of 2014. Similarly, metal production for the full year 2015 was 8% higher, at 1,077,863 Ag eq oz. Both increases were achieved as a result of higher ore grades and slightly higher silver recoveries as well as a strong focus on grade control.

Topia Operations Summary

Q4 2015

Q4 2014

Change

FY 2015

FY 2014

Change

Ore processed (tonnes milled)

15,223

15,735

-3%

65,387

67,387

-3%

Silver equivalent ounce production 1, 2

250,657

233,732

7%

1,077,863

994,429

8%

Silver ounce production

158,534

153,726

3%

677,967

667,635

2%

Gold ounce production

140

138

2%

614

555

11%

Lead production (tonnes)

278

285

-2%

1,198

1,154

4%

Zinc production (tonnes)

425

406

4%

1,850

1,675

10%

Ag grade (g/t)

357

338

6%

356

343

4%

Au grade (g/t)

0.48

0.45

7%

0.48

0.45

6%

Ag recovery (%)

90.6%

89.9%

1%

90.7%

89.9%

1%

Au recovery (%)

60.4%

61.4%

-2%

60.6%

56.4%

8%

(1)

Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to price/pound of lead and zinc.

(2)

Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz, US$1,110 per oz (60:1 ratio), US$0.90 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates produced.

Outlook

Given the significant increase in production in 2015 and the continued low metal price environment, the Company will primarily focus on operational efficiencies and strong grade control in 2016 and build on the successful achievements in these areas in 2015. In addition, the significant growth in 2015 has brought production levels close to plant capacity at the GMC. As such, consolidated production for 2016 is anticipated to be in the range of 4.0 - 4.2 million Ag eq oz (using a 70:1 silver:gold ratio), similar to that in 2015.

On January 14, the Company announced a theft of explosives at the GMC and that an investigation by the authorities had been initiated. Production has not been affected, but should this matter result in a future disruption that could potentially impact the Company's guidance, an appropriate update will be provided at that time.

Although overall production at the GMC is planned to remain at similar levels to 2015, San Ignacio is expected to account for a larger proportion of the throughput. Topia is also expected to produce at similar levels as in 2015.

Consolidated cash costs are anticipated to be in the range of US$5.00 - 7.00 per ounce of payable silver, while All-In Sustaining Costs are projected to be US$13.00 - 15.00 per ounce of payable silver.

Drilling at Guanajuato in 2016 will focus on increasing the resource base at the main Guanajuato mines and at San Ignacio.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, P. Eng. and Vice President of Exploration for the Company, who is the Qualified Person (QP) for the Guanajuato Mine Complex and the Topia Mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.

ABOUT GREAT PANTHER

Great Panther Silver Limited is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned mining operations in Mexico: the Guanajuato Mine Complex, which includes the San Ignacio Mine, and the Topia Mine in Durango. The Company holds an option agreement to acquire a 100% interest in the Coricancha Mine Complex in the central Andes of Peru and holds an option to acquire a 100% interest in the advanced-stage Guadalupe de Los Reyes Project in Sinaloa, Mexico. Active exploration programs are underway at both projects.

Robert ArcherPresident & CEO

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato Mine Complex and Topia Mine in Mexico, exploring its other properties in Mexico and Peru, the overall economic potential of its properties, the availability of adequate financing, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, uncertainty in mineral resource estimation, uncertainty relating to regulatory response to the recent theft of explosives materials from one of the Company's mines, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, permitting risks, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Information Form for the year ended December 31, 2014 and Material Change Reports filed with the Canadian Securities Administrators available at www.sedar.com and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.